IMF to review Pakistan budget

first_img Show Comments ▼ Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoBetterBe20 Stunning Female AthletesBetterBeUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndoAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoElite HeraldKate Middleton Dropped An Unexpected Baby BombshellElite HeraldUndoTrading BlvdThis Picture of Prince Harry & Father at The Same Age Will Shock YouTrading BlvdUndoTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmUndo KCS-content IMF to review Pakistan budget whatsapp Sunday 22 August 2010 10:16 pmcenter_img THE International Monetary Fund (IMF) said it will review Pakistan’s budget and economic prospects following catastrophic flooding during talks with senior Pakistani government officials starting today.Pakistani finance minister Abdul Hafeez Shaikh and other senior Pakistani finance officials are traveling to Washington for the talks with the IMF, which will also be an opportunity to speak directly to the Obama administration about aid.The IMF talks are set to focus on the future of Pakistan’s $10bn (£6.4bn) IMF program agreed upon in 2008. whatsapp Tags: NULL Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof Sharelast_img read more

Indian economy grows by 8.8 per cent

first_img John Dunne More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeNoteabley25 Funny Notes Written By StrangersNoteableyTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Herald Indian economy grows by 8.8 per cent Share India’s economy grew at its fastest rate for more than two years in the last quarter, official figures have shown. GDP rose by 8.8 per cent in the three months to June compared with the same period last year.India – the world’s eleventh largest economy – is the second fastest-growing after China.Strong industrial and mining output helped boost the growth rate, India’s office said.Industrial output rose more than 12 per cent. Mining was up by almost nine per cent, while agriculture saw a 2.8 per cent rise.In July, India’s central bank said it expected annual growth for the current financial year to come in at about 8.5 per cent.But the bank has also said bringing down inflation remains a priority.The inflation rate topped 11 per cent last month and the strong performance in the economy is expected to encourage policymakers to continue raising interest rates. center_img Tags: NULL whatsapp Show Comments ▼ Tuesday 31 August 2010 2:40 am whatsapplast_img read more

Pace secures loans to snap up 2Wire

first_img whatsapp KCS-content Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeNoteabley25 Funny Notes Written By StrangersNoteableyTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastAll Things Auto | Search AdsBuick’s New Lineup Is Truly StunningAll Things Auto | Search AdsMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsSmartAnswers.netThis New Volkswagen SUV Is The Car Of Your Dreams.SmartAnswers.netThe No Cost Solar ProgramGet Paid To Install Solar + Tesla Battery For No Cost At Install and Save ThousandsThe No Cost Solar ProgramOne-N-Done | 7-Minute Workout7 Minutes a Day To a Flat Stomach By Using This 1 Easy ExerciseOne-N-Done | 7-Minute WorkoutSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity Times whatsapp Wednesday 1 September 2010 8:04 pmcenter_img Tags: NULL PACE, the world’s largest set-top box maker, has agreed loans of $450m (£291.1m) to fund its acquisition of US broadband technology firm 2Wire.A $300m term loan and $150m of revolving credit were underwritten by HSBC and Royal Bank of Scotland. An existing £35m credit line with RBS was cancelled.The acquisition, which Pace hopes will broaden its customer base beyond cable and satellite into internet TV, is still dependent on shareholder approval. The firm, which became the top set-top box manufacturer in May, said 2Wire had an established relationship with US telecoms providers including AT&T, and the deal would catapult it to number three in the global telecommunications home-hub market.Pace chief executive Neil Gaydon said of the deal last month: “We have built a strong position in the US with cable and satellite operators and 2Wire, with its expertise in the broadband residential gateway market, will enable us to address a full range of US operator requirements.”2Wire is owned by a consortium including Alcatel-Lucent, AT&T, Telmex and Oak Investment Partners.Yorkshire-based Pace, which makes set-top boxes for BSkyB Canal+ and Comcast also reported a 46 per cent rise in first-half pre-tax profit.The company posted pre-tax profit of £45.4m on 21 per cent higher revenue of £635.2m in the six months to the end of June. It said given its strong market position and ongoing demand for digital television, it should deliver mid-single digit revenue growth over the medium term.The market for set-top boxes has rocketed in recent years, with Sky in particular shifting huge quantities of the devices. It looks set to continue to expand with the long-anticipated Project Canvas internet TV service looking likely to launch next year. The service, supported by media and telecoms giants including BT and the BBC will allow users to access the internet via their TV through a set-top box. Show Comments ▼ Pace secures loans to snap up 2Wire Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family Prooflast_img read more

Greece raises €1.17bn in key debt auction

first_img KCS-content INVESTORS across Europe breathed a sigh of relief yesterday as Greece successfully tapped the capital markets for over €1bn (£836.6m) in a debt auction.Analysts were encouraged by the success of the auction, despite the fact that the bonds in question were short-term six-month Treasury bills, for which Greece had to pay a high yield of 4.82 per cent, compared to 4.65 per cent at its last auction in July.But demand for the debt was high, with the bid-to-cover ratio at 4.54 compared to 3.64 in the previous issue, according to Greece’s Public Debt Management Agency (PDMA). Total bids reached €4.08bn, of which Athens finally accepted €1.17bn. The auction was originally for €900m.The debt issue comes just four months after Eurozone states and the International Monetary Fund (IMF) agreed a mammoth €110bn three-year bail-out deal for Greece, which had threatened to default on its huge debt and send other fiscally challenged European countries into a downward spiral. Spain, Portugal, Ireland, Italy and even the UK all came under the scrutiny of markets concerned over contagion.In return, Greek Prime Minister George Papandreou agreed to enforce an austerity drive in the country, sparking a series of violent riots from citizens. The measures agreed include freezing public sector pay and pensions, upping VAT from 21 per cent to 23 per cent, and hiking duty on alcohol and fuel by 10 per cent. The debt auction came as the IMF said Greece is on track to slash its budget deficit according to plan this year, but needs to further improve tax collection and control spending to sustainably shore up its finances. “The ambitious fiscal consolidation program remains on track, but pressure points are evident,” the IMF said in a report published one day after the debt-laden country obtained a second installment of funds. Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof whatsapp Share whatsapp Tuesday 14 September 2010 9:06 pm Show Comments ▼ Greece raises €1.17bn in key debt auction Tags: NULLlast_img read more

Profit back at ailing French Connection

first_img KCS-content Profit back at ailing French Connection whatsapp FRENCH Connection bounced back into profit yesterday after cost-cutting measures were taken to breathe new life into the business. The group saw a slim half-year profit of £200,000 compared with losses of £5.4m over the same period last year. French Connection is closing loss-making stores in the US alongside the closure of its Japanese business and some European retail outlets to get the business back in line.The company has also offloaded its loss-making Nicole Farhi brand.Turnover rose by four per cent to £96.2m in the six months to July.French Connection shares jumped seven per cent to 47p after the improved figures were announced.Founder Stephen Marks has said the fashion brand, which was a hit until its FCUK brand lost its appeal, appeared to be “back on track”. Turnover rose four per cent to £96m including a three per cent rise in like-for-like sales in Britain and Europe, driven by growth in menswear and e-commerce.“The like-for-like sales performance in our retail stores in the early weeks of the new season has shown a decline making us more cautious about our outlook for the second half,” the retailer said.It added: “However our wholesale forward orders are ahead of this time last year and we expect to be able to maintain the stronger gross margins achieved recently.” Wednesday 15 September 2010 8:26 pm Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof whatsapp Show Comments ▼ Share Tags: NULLlast_img read more

Allen & Overy sees revenues rise as Asian business grows

first_img KCS-content Allen & Overy sees revenues rise as Asian business grows Show Comments ▼ whatsapp Share Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap whatsapp CITY law firm Allen & Overy (A&O) said yesterday its sales increased three per cent in the six months to 31 October with over half of its turnover generated outside of the UK.The Magic Circle firm said it saw strong performances across its Asia-Pacific region. Moscow and New York offices all contributed to revenue of £526m up from £511m a year earlier.“Our strategy of investing in new markets has helped deliver steady growth, which reflects the diversified nature of our business,” said A&O’s managing partner Wim Dejonghe.Dejonghe said the firm’s new offices in Australia, Indonesia and Qatar were showing positive early progress, adding the law firm now had the largest global network of any of its major competitors. “This means we are perfectly positioned to take advantage of the shift in the balance of international trade and capital flows from the west to the east,” Dejonghe added.A&O has posted revenues of £1.05bn for the full 2009-10 financial year – a drop of four per cent.The firm attributed the fall in sales to the continued upheaval in the global economy. Monday 8 November 2010 9:35 pm Tags: NULLlast_img read more

Newly-listed firms beat the FTSE index

first_img COMPANIES that entered the London stock market this year have outperformed the FTSE 100 by more than 16 percentage points, research out yesterday showed. Newly-listed firms have gained an average of 19.5 per cent on their share price in the year to date, compared to a 3.4 per cent rise in the FTSE 100 and a 7.4 per cent rise on the FTSE 250, according to professional services firm Deloitte. Eleven companies listed on the stock exchange this year, excluding cash shells, investment companies and venture capital trusts, and eight of those have outperformed the FTSE 100. An example of this success is Betfair, which completed its initial public offering (IPO) in October with a valuation of £1.4bn. Its shares are now trading more than 10 per cent above the £13 float price.Companies that have fared less well include Ocado, whose initial public offering in June was plagued by criticism of the firm’s business model. The shares, which were reduced from 275p to 180p ahead of the float, are trading at 132.6p, more than 26 below the original pricing.Santander and Flybe are said to be lining up to float on the UK stock market in the next twelve months. John Hammond, capital markets partner at Deloitte, said: “Although there have been winners and losers in the IPO stakes, on average IPOs have done better than putting your money into a tracker fund.”Hammond said trading conditions this year have made it hard for new companies to join the market, with many cutting back their original valuations. “Nevertheless, we expect to see a continuation of IPOs in the final two months of this year and into 2011,” he said. “Investors will continue to be choosey and very aggressive on valuations so companies will have to accept that valuations will be subdued. On the flip side, that may mean further relative gains for investors.” by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldHealthyGem”My 600-lb Life” Star Dropped 420 Pounds, See Her NowHealthyGemZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm whatsapp Tags: NULL Sunday 14 November 2010 10:20 pm whatsapp Newly-listed firms beat the FTSE index center_img Show Comments ▼ Share KCS-content More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comKansas coach fired for using N-word toward Black playerthegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFort Bragg soldier accused of killing another servicewoman over exthegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orglast_img read more

Inflation now a real problem for UK

first_imgTuesday 14 December 2010 9:40 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Herald Inflation now a real problem for UK Tags: NULL More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgConnecticut man dies after crashing Harley into live bearnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.com KCS-content whatsappcenter_img whatsapp Show Comments ▼ Share IN the long-term, we are all dead – or so claimed John Maynard Keynes. True, of course, but only in a meaningless kind of way, as yesterday’s dangerously high UK inflation figures demonstrate. For ages now, the Bank of England has been justifying its failure to meet its inflation target in the short-term by repeatedly pointing to the fact that its forecasts suggest all would be well in the medium-term. At first, most commentators were satisfied by this. No longer.The trouble is that a succession of short-terms must eventually become the medium term (and eventually the long-term, the point the congenitally short-termist Keynes failed to grasp). That time is surely now. Every month for the past 12 months, inflation has been above the government’s two per cent inflation target – and every time the message has been not to worry, the overshoot is just due to temporary factors and powerful disinflationary forces mean all will be well. Yet over the past 37 months, CPI inflation has been below target only six times (all between June and November 2009) and above 31 times. It’s a poor record, especially ahead of the Vat rise next month which will put further upwards pressure on prices. Inflation on the Consumer Prices Index (CPI) hit 3.3 per cent last month, up from 3.2 per cent in October, the highest level for six months. The retail price index was up 4.7 per cent year-on-year in November, from 4.5 per cent in October. Great news if you have a mortgage or credit card debt, as its real value drops and you are effectively allowed to default on part of your debt; terrible if you rely on a fixed income. To maintain the purchasing power of their savings, a basic rate tax payer needs to find a savings account paying 4.13 per cent per annum, while a higher rate tax payer at 40 per cent needs to find an account paying 5.5 per cent, Moneyfacts calculates. The figures need to be even higher if one wants to protect against RPI inflation or for those on the 50p tax rate. There are very few instant access bank accounts that provide such protection, which means that people are wasting their time holding on to cash. It is sometimes claimed that high inflation is the only way Britain’s massive debt burden, private as well as public, will be eroded in real terms. Others argue it is the only way to tackle the UK’s high labour costs – output per worker fell during the crisis, while wages rose slightly. But this assumes nobody reacts to higher prices – yet UK gilt yields are starting to rise again as investors protect themselves against the ever shrinking pound. Higher inflation will also push up mortgage rates and all interest rates charged to firms and individuals. The more people think inflation will rise, the more they put up their prices and wages in anticipation, and the more inflation actually rises, triggering a self-fulfilling loop. Once an inflationary spiral kicks off, only vicious hikes in interest rates can stop it. Higher inflation brings with it significant other costs. Real incomes are falling, which means that there is less money left to spend; inflation is a hidden tax. It is all good and well to try and boost the money supply, as the Bank has done, but the benefits of this are eliminated with excessively high levels of inflation. We need higher interest rates and absolutely no more QE – and a strong message of intent from the Bank. Time is running out for the authorities to show that they truly care about keeping inflation [email protected] last_img read more

Obama’s tax deal passed in the Senate

first_img THE US bill to extend expiring tax cuts for millions of Americans and stimulate the sluggish US economy has passed a Senate vote by 81 to 19.The plan extends for two years all Bush-era individual tax rates, prevents a spike in taxes on capital gains and dividends and renews long-term jobless insurance, while providing new tax relief for students, working families and businesses.The drama now moves to the House of Representatives, where many of Obama’s fellow Democrats strongly oppose the measure as favouring the wealthy and are still angry with him for cutting the deal with Republicans without them.The House will start debate on the tax deal on Thursday, a senior Democratic aide said. Most of the 255 House Democrats may oppose the package, but it is expected to be approved with overwhelming support among the chamber’s 179 Republicans.House Democrats are becoming more resigned to passage of the $858bn (£541bn) package, which is expected to boost economic growth next year but add to the budget deficit.“At the end of the day I think we are going to have to pass a bill,” said liberal Representative Henry Waxman.Senate Republicans and Democrats backed it in a rare show of bipartisan support in the U.S. Congress. Wednesday 15 December 2010 1:21 pm Obama’s tax deal passed in the Senate Tags: NULL Share whatsapp More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org Show Comments ▼ alison.lock whatsapplast_img read more

Geronimo pair pocket £8m

first_img A COUPLE who opened their first London gastropub 15 years ago have sold their Geronimo Inns chain to Young’s for £60m.Rupert and Jo Clevely are expected to pocket around £8m in cash as part of the deal. Rupert Clevely will also join the Young’s board.Geronimo manages 22 pubs in central London, three at Heathrow and one in Surrey, with a strong focus on food. Young’s plans to keep running Geronimo as a separate division – but said the acquisition was an “excellent fit” with its long term expansion plan.Young’s chief executive Stephen Goodyear said: “In addition to its ethos, existing estate and attractive pipeline of new pub opportunities, Geronimo brings expertise in operating both leases and concessions at high footfall locations, with pubs at Heathrow airport, St Pancras International train station and the Westfield London shopping centre in Shepherd’s Bush.”The Clevelys opened their first pub, the Chelsea Ram in south west London, in 1995 after returning from Australia. They were influenced by the “warm and cosy” pubs they had seen in Sydney.Rupert Clevely said: “Key to our success is the entrepreneurial flair and individuality, proven food expertise and home-from-home hospitality for which Geronimo is renowned.”Penta Capital, the Scottish private equity firm held a 49 per cent stake in Geronimo Inns. The Clevelys own 33 per cent of Geronimo, which made a profit of £6.1m last year.It is expected to post earnings of just over £8m in 2011. whatsapp Geronimo pair pocket £8m whatsapp More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com Tags: NULL Share KCS-content Show Comments ▼ Thursday 16 December 2010 7:55 pm last_img read more